Triton Wealth Management PLLC raised its stake in Comerica Incorporated (NYSE:CMA – Free Report) by 5.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,155 shares of the financial services provider’s stock after purchasing an additional 329 shares during the period. Triton Wealth Management PLLC’s holdings in Comerica were worth $319,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of the stock. Desjardins Global Asset Management Inc. acquired a new position in Comerica in the 1st quarter valued at about $25,000. FNY Investment Advisers LLC bought a new position in shares of Comerica during the second quarter worth approximately $25,000. TFC Financial Management Inc. bought a new position in shares of Comerica during the first quarter worth approximately $27,000. Deseret Mutual Benefit Administrators lifted its holdings in Comerica by 42.8% during the 2nd quarter. Deseret Mutual Benefit Administrators now owns 664 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 199 shares during the last quarter. Finally, Chilton Capital Management LLC bought a new stake in Comerica in the 1st quarter valued at $28,000. 81.94% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
A number of equities research analysts have recently weighed in on CMA shares. Argus lifted their target price on Comerica from $56.00 to $64.00 and gave the stock a “buy” rating in a report on Monday, July 24th. Piper Sandler decreased their target price on shares of Comerica from $48.00 to $43.00 and set a “neutral” rating on the stock in a research report on Monday, October 23rd. Citigroup reiterated a “buy” rating and issued a $58.00 price target on shares of Comerica in a research report on Tuesday, September 19th. Bank of America reduced their price target on Comerica from $52.00 to $44.00 in a research report on Tuesday, October 10th. Finally, The Goldman Sachs Group dropped their price objective on Comerica from $54.00 to $48.00 and set a “neutral” rating for the company in a report on Tuesday, October 3rd. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, Comerica presently has an average rating of “Hold” and a consensus target price of $54.19.
Comerica Trading Up 2.0 %
Shares of CMA stock traded up $0.89 during mid-day trading on Friday, reaching $45.23. 1,112,746 shares of the stock traded hands, compared to its average volume of 3,033,991. The company has a market cap of $5.96 billion, a price-to-earnings ratio of 5.13, a price-to-earnings-growth ratio of 1.39 and a beta of 1.25. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 1.32. The stock’s fifty day simple moving average is $41.54 and its two-hundred day simple moving average is $43.43. Comerica Incorporated has a 1-year low of $28.40 and a 1-year high of $77.34.
Comerica (NYSE:CMA – Get Free Report) last posted its quarterly earnings data on Friday, October 20th. The financial services provider reported $1.84 earnings per share for the quarter, beating analysts’ consensus estimates of $1.69 by $0.15. Comerica had a return on equity of 23.66% and a net margin of 23.12%. The business had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $880.88 million. During the same period in the prior year, the business posted $2.60 earnings per share. On average, research analysts anticipate that Comerica Incorporated will post 7.6 EPS for the current fiscal year.
Comerica Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, January 1st. Shareholders of record on Friday, December 15th will be issued a $0.71 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $2.84 dividend on an annualized basis and a yield of 6.28%. Comerica’s payout ratio is currently 32.20%.
Comerica Incorporated, through its subsidiaries, provides various financial products and services. The company operates through Commercial Bank, Retail Bank, Wealth Management, and Finance segments. The Commercial Bank segment offers various products and services, including commercial loans and lines of credit, deposits, cash management, capital market products, international trade finance, letters of credit, foreign exchange management services, and loan syndication services, as well as payment and card services for small and middle market businesses, multinational corporations, and governmental entities.
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